Market Bizzz

Gold demand and prices are expected to rise in 2024 due to geo-political uncertainties, debt crisis, and central bank purchases. India’s sovereign gold bonds will encourage investors to see gold as an alternative asset class. Efforts are being made to bridge the trust deficit and improve transparency in the gold industry.

Fourth-quarter operating profit rose 28% to $8.48 billion, or about $5,884 per Class A share, from $6.63 billion a year earlier.

Thursday’s M-Cap rally by Nividia was Wall Street’s largest one-day gain for a single company in history after the heavyweight chipmaker’s quarterly report beat expectations and reignited a rally fuelled by optimism about artificial intelligence.

​​The brokerage has downgraded its ratings on SBI and ICICI Bank, while upgrading Bajaj Finance. It reiterated its buy rating on HDFC Bank.

According to the report, Indian equities outperformed the world in dollar returns in the 11-year period between FY02 and FY12 when the country witnessed a private capex cycle.

Gold prices on Friday were set for their first weekly gain in two, supported by a softer dollar and safe-haven buying, as investors awaited further clues on when the U.S. Federal Reserve is likely to begin cutting its interest rates.

The yen sagged to fresh lows on the euro, sterling and other crosses this week and headed for a fourth weekly drop on the dollar as investors chased better yields just about everywhere but Japan, wagering rates there would stay near zero for some time.

The S&P 500 and Dow Jones Industrial Average both surged to record closing highs on Thursday, powered by investors piling into growth and technology stocks the day after artificial intelligence poster child Nvidia’s bumper earnings and outlook.